# Affirm

Affirm is an other based in San Francisco, United States.

## Overview

- **Organization type:** other
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** affirm.com
- **LinkedIn:** https://www.linkedin.com/company/affirm

## Regulatory record

- **Reports private funds:** No

## About

Buy now pay later without the fees. Flexible payment options with longer plans, lower payments, and no fees. Pay in 4 interest-free or get more time and see your total cost upfront.

## Sectors

- FinTech

## People

- Max Levchin — Founder & CEO

## Questions

### How does Affirm's loan structure differ from Klarna's or Afterpay's?

Affirm originates fixed-rate, fully amortizing installment loans that carry no late fees, no deferred interest, and no compounding penalties. Klarna and Afterpay offer merchant-funded zero-interest short-term receivables, often relying on late fees and merchant discount rates — a model Affirm publicly rejects as misaligned with borrower outcomes.

### Does Affirm hold the loans it originates?

Yes. Affirm retains credit exposure on a substantial portion of its originations, funding loans through warehouse facilities, whole-loan sales, and securitizations. Its quarterly filings break out the composition of its loan book, gain-on-sale margins, and the credit performance of retained tranches.

### What was Affirm's relationship with Peloton during the pandemic?

Peloton was a major 0% APR financing partner during 2020–2021, with Peloton orders representing a material share of Affirm's gross merchandise volume. That concentration unwound as Peloton's sales decelerated, and Affirm has since diversified its merchant base across general retail, travel, and ticketing.

### Who makes credit policy and underwriting decisions at Affirm?

Credit risk and underwriting strategy sit under the CEO, Max Levchin, with day-to-day management led by the Chief Risk Officer — a function Affirm reports in its proxy as a named executive. Levchin personally reviewed early credit models and remains closely involved in risk appetite calibration.

### How is Affirm related to Max Levchin's previous venture, PayPal?

Max Levchin co-founded PayPal in 1998 as the company's CTO, and Affirm incorporates aspects of PayPal's technical talent pipeline and payments infrastructure understanding — but the two are legally and structurally separate. PayPal operates its own buy now, pay later product that competes directly with Affirm's loan product.

## Related profiles

- [Affinity Financial - The Walker Group](https://altss.com/profile/affinity-financial-the-walker-group-llc)
- [Agdata](https://altss.com/profile/agdata)

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Last updated: 2026-06-03T20:00:00.000Z

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